CIT and its Pasadena-based banking subsidiary CIT Bank, N.A., made a $37.3 million investment in the Jordan Downs Apartments Project, a 92-unit multifamily apartment complex, to support low-to-moderate income families in the Watts neighborhood of Los Angeles. Jordan Downs is the third phase of a larger redevelopment project taking place to improve the area.

The project is currently slated for completion in early 2022, and units will be available to households earning between 30% and 80% of the area’s median income. Of the 92 units, the complex will include 23 one‐bedrooms, 41 two‐bedrooms, 24 three‐bedrooms and 4 four‐bedrooms. Seventeen apartments will be designated for residents with physical disabilities and hearing or visual impairments.